How to Buy Virginia Foreclosures

A non-judicial method is mostly used for deed of trust foreclosure in the State of Virginia. The lender, though, is free to opt for a judicial method if the deed of trust does not have a power of sale clause included, or if a regular mortgage is used.

The foreclosure property can be purchased at a public auction of foreclosure sale which is usually after sixty days of owner of the property being given the notice of default.

After failing to sell at the foreclosure auction sale, the foreclosure property is transferred to the lender, becoming Real Estate Owned. At this stage, the property would sell for more than it would have during preforeclosure. Buying a property during preforeclosure is therefore recommended.